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SIM
SIIF
Simmers - Statement by independent non-executive Chairman of Simmers
Simmer And Jack Mines Limited
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code: SIM
ISIN: ZAE000006722
("Simmers" or "the company")
Statement by Independent Non-Executive Chairman of Simmers
An article was published in Business Report on 9 April 2006 headed "Simmers
faces suspension call". It referred to a request for suspension of trade in
Simmers shares made to the JSE Limited (JSE) by certain parties who have an
indirect interest in Simmers through Simmers" controlling shareholder, Jaganda
(Pty) Ltd.
The purpose of this statement is to provide Simmers" shareholders with some
background to the request in order to clarify the current position:
As per the Cautionary Announcement published on SENS on 2 March 2006, there is a
dispute between the shareholders of Jaganda, which has led to an application for
the winding up of Jaganda. It is clear that the present request arises out of
the dispute between the Jaganda shareholders. It is deeply regretted that
certain of these shareholders have sought to involve Simmers in this dispute in
a manner which is clearly destructive of value for all shareholders in the
company.
The request to the JSE was dated Friday 3 March 2006, the day following the
cautionary announcement previously referred to. It requested an immediate
suspension of trade in Simmers shares, making a number of allegations. Notice of
the request was not given to the company which received a copy of the request
from the JSE on Monday 6 March 2006. The company responded on Tuesday 7 March,
giving reasons why an immediate suspension was not in order, and requesting a
period of seven days within which to respond to the allegations. This request
was acceded to by the JSE and the company is in the process of preparing this
response.
It is regrettable that the substance of the application to suspend the shares
has entered the public domain before it could be properly addressed by either
the company or the JSE.
However, since this has now happened the public should be made aware that the
application was made by a single shareholder grouping without notice to the
board of directors, and despite the fact that most if not all the issues that
form the basis for the application for suspension were extensively discussed at
a board meeting two days before the application was lodged.
In the meantime, proper responses to those issues will be communicated by the
company to the JSE within the stipulated seven-day period. Shareholders should
therefore continue to exercise caution in their dealings until these matters
have been resolved and the relevant information has been properly disseminated
to them.
Nigel Brunette
Chairman
09 March 2006
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 09/03/2006 05:36:07 PM Produced by the JSE SENS Department
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